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[mushypeas]

the wait is over ... from my banker...

• From 3 March 2009 the Reserve Bank of Australia (RBA) is changing the way that consumers are charged for using ATMs that belong to another financial institution
• For NAB Gold Banking customers, this means changes to the applicable charges for using non-NAB ATMs
• ATM fees will be charged directly to NAB Gold Banking customers by the ATM owner
• We are reducing the monthly account service fee to $10 per month ($0 for staff)

Due to RBA changes, when making a withdrawal, cash advance or balance enquiry at a non-NAB ATM, the owner of the ATM (i.e. other financial institution) may directly charge customers a fee. This includes NAB Gold Banking customers. The cost will be entirely at the ATM owner's discretion and must be displayed on-screen (or on signage nearby the ATM).

However, NAB will continue to exempt NAB Gold Banking customers (including employees) from any NAB charges for using a non-NAB ATM.

We've reduced the monthly account service fee
In recognition of any inconvenience these changes may cause, we have reduced the monthly account service fee from $12 to $10. Employees will continue to enjoy no monthly account service fee.

Gold Banking is still a superior account with added-value extras
NAB Gold Banking is still the only account in market that offers added value including a NAB Gold Visa Debit card at no extra cost. The card provides added extras such as NAB Gold Overseas Travel Insurance.

 

[JohnK]

You would think the Reserve Bank would have more important things to worry about.

The cost will be entirely at the ATM owner's discretion and must be displayed on-screen (or on signage nearby the ATM).

I hope it is displayed on the screen very clearly before accepting the transaction.

In recognition of any inconvenience these changes may cause, we have reduced the monthly account service fee from $12 to $10. Employees will continue to enjoy no monthly account service fee.

A whole $2 reductiion? They are too kind....

 

[oz_mark]

You would think the Reserve Bank would have more important things to worry about.

This change has been a few years in the making

I hope it is displayed on the screen very clearly before accepting the transaction.

The amount has to be displayed, and the card holder has to accept the charge before it is processed. The main issue at the moment is that there is no real indication of just how much owners are planning to charge

 

[mushypeas]

A whole $2 reductiion? They are too kind....

I know, it's sensational isn't it... 16% decrease just "because" - I wish Qantas would do this with their flights.

 

[oz_mark]

I know, it's sensational isn't it... 16% decrease just "because" - I wish Qantas would do this with their flights.

"because" they will no longer paying interchange fees when you use a non-NAB ATM.

 

[Mal]

I hope it is displayed on the screen very clearly before accepting the transaction.

Also have a look at the FAQ here: RBA: FAQ-About ATM Fee Reforms and http://www.apca.com.au/afr/index.html

 

[Dave Noble]

I would have thought that the $2 reduction would be irrelevent to the target gold account holders given that anyone paying in $5000 a month into the account is exempt paying the fee. (that's paying in, not maintaining a minimum balance of $5000)


Dave

 

[Diesellife]

Well....I'm kinda upset because of the change....:evil:
That only means no more cash from 7-11

 

[spunkarooney]

Well....I'm kinda upset because of the change....:evil:
That only means no more cash from 7-11

Get yourself a NAB Gold Banking account and problem solved.

 

[Dave Noble]

Get yourself a NAB Gold Banking account and problem solved.

Umm.. the problem is that the NAB Gold account will still incur the 3rd party fees ( see post 81)

Dave

 

[oz_mark]

Get yourself a NAB Gold Banking account and problem solved.

IIRC Diesellife has such an account

 

[Diesellife]

Get yourself a NAB Gold Banking account and problem solved.

I am on NAB gold...and have been for a long time!
I meant the charges from Post Mar 09...

 

[Diesellife]

BTW: I'm on the phone with NAB.... Going to yell and see if they will sort it out....at least for me

 

[spunkarooney]

Umm.. the problem is that the NAB Gold account will still incur the 3rd party fees ( see post 81)

Dave

I’m sorry, yes. I had misread that announcement L

There’s now no reason for me to retain that account except for when travelling abroad (to avoid ATM fees and currency conversion fees).

 

[mushypeas]

BTW: I'm on the phone with NAB.... Going to yell and see if they will sort it out....at least for me

any outcome you can share at all?

 

[Diesellife]

any outcome you can share at all?

Complaint is lodged...but they can't do anything because the policy hasn't established yet.

But the operator seemed to understand my argument...It is never free for using foreign ATM and Nab is paying those charges... So why is NAB changing to their advantage when the law changes...It simply doesn't make sense! NAB should continue to reimburse the charges whether its direct or indirect...

Perhaps if there are enough customers complaint, they will rethink their position?!

 

[Mal]

So why is NAB changing to their advantage when the law changes...It simply doesn't make sense! NAB should continue to reimburse the charges whether its direct or indirect...

It would depend on NAB's visibility of the charges. If the foreign ATM reports back to NAB what the fee is, then they could possibly refund it. If they don't then, the admin overhead in refunding it is a nightmare.

 

[oz_mark]

I dare say also that NAB knew what the interchange fees were and knew what they were absorbing. Until we see what ATM owners are going to charge how do they know what they will absorb.

In any case, the account remains free of NAB charges. Instead of the owner charging NAB they are charging the cardholder.

 

[Mal]

I dare say also that NAB knew what the interchange fees were and knew what they were absorbing. Until we see what ATM owners are going to charge how do they know what they will absorb.

And under the new scheme, I don't think there is anything stopping me from setting up an ATM I own with a $70 withdrawal fee, then withdrawing $20 at a time...

I just don't think NAB can absorb unknown charges.

 

[Dave Noble]

But the operator seemed to understand my argument...It is never free for using foreign ATM and Nab is paying those charges... So why is NAB changing to their advantage when the law changes...It simply doesn't make sense! NAB should continue to reimburse the charges whether its direct or indirect...

It is quite a different arrangement. Under the current scheme NAB gets charged a small fee whenever a NAB customer uses another bank's ATM . Most banks will then levy a fee to the account holder and make a tidy profit however NAB does not do this for its own customers

Under the new scheme, the ATM owner will levy a fee direct to the customer directly and will not charge the account holder's bank so , for a NAB holder, there is no charge to NAB. NAB will not levy any fee to the account holder for the use of the ATM as per current arrangement

Given that other ATMs could charge anything rather than the current interchange fee, I don't see why NAB would expect to wear the cost

It seems a great storm in a teacup tbh for most people. Most people, I posit, currently use the ATMs of their own bank ( or an associated bank ) and will continue to do so.
Dave